Compare Today’s Refinance Rates

Written by Jeff Ostrowski
Reviewed by Greg McBride, CFA

On , the national average 30-year fixed refinance APR is 5.260%. The average 15-year fixed refinance APR is 4.580%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.

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Current mortgage refinance rates

Refinance rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what's available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.

While rates on 30-year fixed mortgage refis topped 4 percent in February, it’s still possible to find rates in the 3 percent range using our rate tables, which are lower than the national average. And 15-year mortgages are still well below 4 percent.

Another tactic is to pay points up front, which reduces your interest rate. This can be more advantageous financially the longer you plan to stay in the home.

Over 6 million homeowners still have old loans with interest rates much higher than 4 percent, so they would still be in a position to save.

“Although the national average on a 30-year fixed rate mortgage is above 4 percent, plenty of sub-4 percent rates are available for borrowers that shop around,” said Greg McBride, Bankrate’s chief financial analyst. “Conducting an online search can save thousands of dollars by finding lenders offering a lower rate and more competitive fees.”

Product Interest Rate APR
30-Year Fixed Rate 5.240% 5.260%
15-Year Fixed Rate 4.560% 4.580%
5/1 ARM 3.810% 4.780%


How to refinance your mortgage in 5 steps

Refinancing can save you thousands of dollars a year, but it does require some work on your part. Here’s a quick guide:

1. Check your credit score

A better credit score will help you secure a better rate and make your refinance even more cost-effective. If you’re not happy with your credit score or the rates you’re being quoted, work on boosting your credit first, then try to refinance again once you’ve improved it.

2. Figure out how long it will take you to break even

One of the most important factors in refinancing is figuring out your break-even timeline. A refi usually comes with upfront costs at the closing, just like an initial mortgage, and those can be thousands of dollars or more. If you’re not planning to stay in your current home for more than a few years, the savings you get from a lower rate might not outweigh those costs before you move. Bankrate’s refinance calculator can help you figure out this timeline.

3. Compare lenders

It’s just as important to shop around when you refinance as it is when you’re applying for your purchase mortgage. If you’re refinancing to save money, you want to make sure you’re getting the best possible deal. Check out Bankrate’s lender reviews to help make your decision.

>> Read about Bankrate's best mortgage refinance lenders

4. Get your paperwork in order

Once you’ve identified your lender, find out what paperwork you need and submit your application. The faster you gather all the required documents, the faster the lender will be able to process your loan.

5. Be patient

Refinancing isn’t quite as hard as shopping for a house, but it still takes some time. While your loan is in process, don’t open new credit accounts or make other large purchases until the new mortgage closes. Doing so can derail your application.

>> For more information, read Bankrate's guide on refinancing your home loan.

Pros and cons of refinancing

Refinancing can be a smart move, whether it helps you achieve more breathing room in your monthly budget by securing a lower rate or tap your home equity to fund a home renovation or other project through a cash-out deal.


  • You can lock in a lower rate by refinancing, which should make your monthly payments lower and give you some money back in your budget.
  • If your home’s value has risen, you might be able to end private mortgage insurance (PMI), which will also lower your monthly expenses. PMI should end automatically once you get to at least 20 percent equity owned free and clear, but it’s usually a good time to consider a refinance once that happens, too.
  • If you need money for renovations, a cash-out refi offers cheap capital. It can make your monthly payments more expensive, but home improvements boost your equity value even more.


  • Refinancing costs money. Closing costs can total 2 percent to 5 percent of the amount of the mortgage, which is why it’s so important to make sure you’ll recoup those costs before you move.
  • If you refinance from a 30-year loan to another 30-year loan, you’ll extend your repayment period. A new loan restarts the repayment clock.

>> Read more about pros and cons of refinancing

Mortgage refinance FAQs

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride